Endowment Growth Is Just Part of the Bounty

To the Editor:

Your article “Foundations’ Endowment Explosion” (February 26) is insightful and appreciated.

There are two other factors, among an array of fund-raising activities, which are substantially affecting the revenue of many non-profit charities: the enormous growth of endowments held by charities themselves (thanks to the record bull market), and the tremendous flow of government funding from all levels, especially to urban charities, even in light of welfare devolution.

Joseph S. Dolan
Executive Director
Achelis and Bodman Foundations
New York